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FBAR (FinCEN 114) & FATCA (Form 8938)

Mandatory reporting of foreign financial assets including Indian NRE, NRO, FCNR, PPF, mutual funds, and Demat accounts over $10,000 USD.

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Statutory IRS Filing Schedule: April 15 Annually (Automatic statutory extension to October 15)
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Regulatory Compliance & Advisory

Foreign Asset Compliance: FinCEN Form 114 (FBAR) & Form 8938 (FATCA)

Under the Bank Secrecy Act (31 U.S.C. § 5314), every US person (citizens, Green Card holders, and resident aliens) with a financial interest in or signature authority over foreign financial accounts exceeding $10,000 in aggregate peak value at any time during the calendar year must file FinCEN Form 114 (FBAR) electronically with the US Department of the Treasury.

Additionally, under the Foreign Account Tax Compliance Act (FATCA / IRC § 6038D), specified individuals holding foreign financial assets above statutory thresholds must submit Form 8938 with their Form 1040. Non-compliance carries catastrophic penalties starting at $10,000 per violation for non-willful failures and escalating to 50% of account balances for willful omissions.

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Complete our simple questionnaire and securely upload your tax forms. Our CPAs will review everything and prepare your return.

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Office: Charlotte, NC 28215
Eligibility

Who is this service designed for?

Statutory filing categories and taxpayer profiles tailored for this specialized service.

1 Taxpayer Profile

US Residents and Citizens holding bank accounts in India or overseas.

2 Taxpayer Profile

NRI tech professionals with NRE, NRO, FCNR, or fixed deposit accounts.

3 Taxpayer Profile

Holders of Indian Public Provident Fund (PPF), EPF, or Demat stock accounts.

4 Taxpayer Profile

Individuals with signature authority over family or ancestral offshore accounts.

Tax Optimization Strategy

Key Statutory Provisions & Tax Deductions We Maximize

Every tax return is optimized under current Internal Revenue Code regulations to secure every legally allowable credit and deduction.

31 U.S.C. § 5314

Aggregate $10,000 Calculation Rule

The threshold applies to the combined aggregate peak balance of ALL foreign accounts on any single day of the calendar year, including Indian NRE, NRO, FCNR, Demat, and EPF/PPF balances.

Statutory FX Conversion

Treasury Bureau Exchange Rates

We apply official year-end foreign exchange rates published by the US Bureau of the Fiscal Service to convert Indian Rupees (INR) and foreign currencies accurately.

Form 8621 Reporting

Passive Foreign Investment Companies (PFIC)

Indian mutual funds and SIPs are classified as PFICs by the IRS, requiring specialized Section 1291 excess distribution computations or Mark-to-Market elections.

Penalty-Free Amnesty

IRS Streamlined Foreign Offshore Procedures

For taxpayers with delinquent past-year FBAR filings, we prepare complete Streamlined Domestic/Foreign Offshore submissions with non-willful certification narratives to eliminate penalties.

Process & Workflow

How Our Dedicated CPAs Prepare Your Return

A transparent, step-by-step pathway from secure document gathering to direct IRS acceptance.

01

Foreign Account Ledger Aggregation

Securely record all foreign savings, current, fixed deposits, Demat portfolios, and provident fund accounts.

02

Statutory Peak Balance Conversion

Our system determines the peak calendar balance per account and applies official US Treasury Bureau FX rates.

03

FBAR vs. Form 8938 Reconciliation

A CPA verifies threshold requirements under both BSA and FATCA rules to prevent dual-filing discrepancies.

04

Direct BSA E-Filing Transmission

Secure electronic transmission to the Financial Crimes Enforcement Network with BSA filing receipt.

Preparation Checklist

Documents You Will Need

  • Monthly bank statements for all foreign accounts showing peak balances during the calendar year.
  • Demat portfolio holding statements and mutual fund valuation reports.
  • PPF and EPF year-end passbooks or interest certificates.
  • Foreign life insurance surrender value statements (LIC, etc.).
  • Indian Income Tax Returns (ITR) and Form 26AS for cross-reconciliation.
Included Scope

What Is Included in This Service

  • FinCEN Form 114 (FBAR) Direct Electronic Transmission
  • IRS Form 8938 Specified Foreign Financial Assets Reporting
  • Passive Foreign Investment Company (PFIC Form 8621) Analysis
  • Treasury Peak Exchange Rate Conversion Engine
  • Streamlined Foreign Offshore Amnesty Procedures
Taxpayer Protection & Risk Defense

Common Mistakes We Help You Avoid

Tax filing errors can result in delayed refunds, unnecessary interest, or IRS audit notices. Here is how our CPAs protect you:

Risk Point #1

Pitfall #1

Astronomical civil penalties: Willful failure to file FBAR can result in penalties up to $100,000 or 50% of the account balance per violation.

CPA Audited & Prevented
Risk Point #2

Pitfall #2

Non-willful FBAR penalties starting at $10,000+ per year under Bank Secrecy Act.

CPA Audited & Prevented
Risk Point #3

Pitfall #3

IRS FATCA Form 8938 penalties starting at $10,000, escalating to $50,000 for ongoing failure.

CPA Audited & Prevented
Instant Answers

Frequently Asked
Tax Questions

Authoritative guidance on filing FBAR (FinCEN 114) & FATCA (Form 8938), required documentation, and IRS compliance rules.

Need Specific Tax Advice?

Our licensed CPAs in Charlotte, NC are on standby for personalized consultations.

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Does the $10,000 FBAR threshold apply per account or in total?
The $10,000 threshold is cumulative! If the combined aggregate peak balance of ALL your foreign accounts exceeds $10,000 USD on any single day of the year, every single account must be reported on FinCEN Form 114.
What exchange rate should I use for converting Indian Rupees (INR)?
The US Treasury Bureau of the Fiscal Service publishes official end-of-year exchange rates. Our automated engine applies the exact statutory Treasury rates to convert foreign currencies.
How do I know if I need to file Form 1040 or Form 1040-NR?
Your US tax residency status is determined by the IRS Substantial Presence Test (SPT) under IRC § 7701(b). You are classified as a Resident Alien (filing Form 1040) if you were physically present in the US for at least 31 days in 2026 AND 183 weighted days over a 3-year period (all current year days + 1/3 prior year days + 1/6 second prior year days). If you do not meet this threshold, you file Form 1040-NR as a Nonresident Alien. Students on F-1 visas are exempt individuals for their first 5 calendar years and generally file Form 1040-NR regardless of physical presence.
Who is legally required to file FinCEN Form 114 (FBAR)?
Under 31 U.S.C. § 5314, every US person (including US citizens, Green Card holders, and resident aliens on H-1B/L-1 visas meeting the SPT) who has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate peak balance of all accounts exceeded $10,000 USD at any point during the calendar year. This includes Indian NRE, NRO, FCNR, Demat, mutual funds, EPF, and PPF balances. Nonresident aliens (Form 1040-NR filers) are exempt from FBAR filing.
How does UniFinTax protect my sensitive financial and tax documents?
UniFinTax operates under strict IRS Publication 4557 cybersecurity safeguards. All client documents are stored outside the public web root in an authenticated AES-256-GCM encrypted vault. User sessions feature 15-minute idle timeouts, and every staff action is permanently recorded in a cryptographically signed HMAC-SHA256 audit ledger.
Can UniFinTax file both Federal and Multi-State tax returns?
Yes. Our licensed CPAs and Enrolled Agents prepare returns for all 50 states, including part-year resident returns for clients who relocated between states during the tax year (e.g. moving from California to North Carolina or Texas), ensuring double taxation is prevented through reciprocal tax credits.
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Get Your FBAR (FinCEN 114) & FATCA (Form 8938) Prepared by Licensed CPAs

Upload your tax documents securely to your encrypted vault. Our CPAs will calculate your maximum allowable refund and ensure total IRS compliance.

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